NEW YORK — Mony Group Inc. said its first-quarter earnings would come in shy of Wall Street expectations because of declines in the equity market that hurt sales of investment products and fees drawn from trading and capital market services.

Mony said it expects its first-quarter per share earnings to be 29 cents, or 24 cents less than estimated by analysts polled by First Call/Thomson Financial.

The company estimated it would earn $2 to $2.25 per share this year, compared with the $2.26 First Call consensus. Mony said its outlook assumes a modest improvement in the stock markets beginning late in the second quarter.

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